Bank of New York Mellon Corp Sells 16,828 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Bank of New York Mellon Corp trimmed its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 905,037 shares of the financial services provider's stock after selling 16,828 shares during the quarter. Bank of New York Mellon Corp owned 0.94% of Ameriprise Financial worth $438,138,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AMP. World Investment Advisors raised its position in Ameriprise Financial by 1.7% in the 1st quarter. World Investment Advisors now owns 1,654 shares of the financial services provider's stock valued at $800,000 after buying an additional 27 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Ameriprise Financial in the 1st quarter valued at $120,000. Strategic Blueprint LLC raised its position in Ameriprise Financial by 32.0% in the 1st quarter. Strategic Blueprint LLC now owns 565 shares of the financial services provider's stock valued at $274,000 after buying an additional 137 shares during the last quarter. IFM Investors Pty Ltd raised its position in Ameriprise Financial by 8.4% in the 1st quarter. IFM Investors Pty Ltd now owns 21,304 shares of the financial services provider's stock valued at $10,009,000 after buying an additional 1,657 shares during the last quarter. Finally, 44 Wealth Management LLC raised its position in Ameriprise Financial by 10.2% in the 1st quarter. 44 Wealth Management LLC now owns 2,865 shares of the financial services provider's stock valued at $1,387,000 after buying an additional 265 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

NYSE AMP traded down $0.09 during trading hours on Tuesday, hitting $536.33. The company had a trading volume of 385,627 shares, compared to its average volume of 496,720. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The firm has a 50 day simple moving average of $511.06 and a 200 day simple moving average of $511.16. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market capitalization of $51.07 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 2.01 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The firm had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter last year, the firm posted $8.39 EPS. The company's revenue was up 3.6% compared to the same quarter last year. Equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has initiated a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.19%. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio (DPR) is presently 21.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AMP shares. Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Royal Bank Of Canada increased their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler increased their price target on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. Finally, Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $517.86.

Ameriprise Financial Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.